Headline consolidated Q3 net profit of GEL509m was 8% ahead of our GEL472m estimate. Pre-provision profit was 3% better than forecast and 34% higher than 3Q23, with better net interest income and FX commissions in Georgia, offsetting offering weaker fees, while group operating costs were broadly in line. Much lower bad debt provisions in Georgia of GEL2m against GEL23m expected then drove the 8% beat in Group pre-tax. Benign credit quality reflected the strength of both the Georgian and Armenian ....
